This blog is a guest post by Anders Ekman, President of DataMentors. Learn more from Ekman in the DMA webinar “Real Time at the Right Time” this Wednesday, March 2nd.
We live in the age of the always on and connected consumer. Consumers engage with brands through mobile, digital and social channels at the time of their choosing. Although these channels are always on and available, this doesn’t necessarily mean that a pervasive, real-time mode of contact is always the most effective strategy. Rather than marketing in real-time, marketers must shift their focus to engagement at the right time, when consumers are most apt to convert.
Right Time Marketing is a sophisticated way to boost customer acquisition and retention, provide seamless customer experiences, and grow revenue by understanding a customer’s characteristics, channel preferences and in-market purchase signals. Built on a foundation of rich customer data and analytics, Right Time Marketing uses these insights to ask, “When is the right time for engagement and through which channels?”
The 4 R’s of Right Time Marketing
Right Time Marketing matches offline and online data sets to drive optimally timed connections with today’s consumers. Traditional marketing discusses the 4 P’s – Product, Price, Place and Promotion. Big Data is based on the 4 V’s – Volume, Variety, Velocity, and Veracity. And Right Time Marketing has evolved to embrace the 4 R’s –Right Person, Right Channel, Right Moment and Right Answer.
1. The Right Person: Identifying the right person through a combination of internal customer and prospect data, as well as third-party demographic and firmographic enhancement, digital data, and in-market purchase signals.
2. The Right Channel: Once the right person or audience has been identified, marketers must use a multi-channel approach to target today’s consumers. As consumers go from device to device and use an average of eight channels or more for researches and purchases, marketers must continually strive to provide a seamless experience for the customer, however or whenever they decide to interact with your brand.
3. The Right Moment: Consumers today are constantly bombarded with marketing messages and advertisements. Cutting through the clutter requires that you serve up the most relevant messages at the right time.
4. The Right Answer: By integrating the right data across multiple channels to understand a consumer’s behaviors in the moment, companies can find the right answer to meet increasing customer expectations. When targeted to the right person, through the right channel, and at the right moment, every customer interaction is an opportunity to strengthen customer loyalty, reduce churn, and boost revenues.
The increased focus on data availability and advancements in technology in recent years has created a growing demand for marketing accountability. Today’s marketers must be able to demonstrate clear ROI on the investments they make. As in any business investment, there is a cost to arraying this set of integrated messaging capabilities against the best prospects you hope to acquire and customers you hope to grow. Right-time messaging strategies are based on the most optimal mix of data, technology and analytics to ensure investments are producing the highest ROI.
Data and the way it is utilized is clearly the backbone to driving right time engagement and acquisition. VB Insight surveyed over 3,000 marketers and looked at tools used on over 3 million websites and found that when (the right) data informs marketing strategies, the average ROI is an impressive 224%. Even small improvements have the potential to drive higher ROI. According to the research, if your business has a 4-phase customer acquisition funnel, and you improve each phase of the customer acquisition funnel by as little as 5%, the overall improvement is 22% at the bottom of the funnel.
Right Time Marketing is truly a critical differentiator in today’s competitive economy. When targeted to the right person, through the right channel, and at the right moment, every customer interaction is an opportunity to strengthen customer loyalty, reduce churn, and boost revenues.
To learn more about how you can optimize your customer acquisition and growth strategies with Right Time Marketing, read Real Time at the Right Time: Driving Real-Time Connections with Offline and Online Data at: www.righttimemarketer.com.